In this post I will be reviewing the EagleFX forex & CFD online trading broker. They accept clients from most countries and require a minimum account opening of only $10 and leverage of 1:500 available. EagleFX have over 100+ trading instruments which includes 53+ major, minor and exotic forex currency pairs, 11 indices and 31 cryptos. This is quite a large number of crypto instruments to trade in comparison to what some other brokers offer.
They offer traders around the globe cutting edge trading technology whilst they are driven to provide traders with competitively low-cost pricing across all Crypto, FX, stocks, indices, commodities and futures.
EagleFX Execution Model
EagleFX claim to have institutional grade liquidity for optimal trading conditions. They state that liquidity partners include top tier banks (e.g. Deutsche Bank & Barclays) and dark liquidity pools that help ensure spreads are tight and execution speeds are fast. They also have very competitive commission fees. Demo accounts are available to trial EagleFX and their services but do keep in mind that demo and real trading conditions can differ.
EagleFX use a Straight Through Processing (STP) execution model which means that trades are sent directly to the market with no dealing desk interference and minimal slippage. They aggregate prices from liquidity providers in milliseconds to make sure the best combined bid and ask prices are offered.
EagleFX Trading Platforms
EagleFX offer the popular MetaTrader 4 (MT4) trading platform for desktop, web and mobile. MT4 contains plenty of features including multiple order types, real time quotes and trading tools such as technical indicators for analysing charts over multiple time frames. The web version of MT4 can run directly in your web browser without needing to download any additional software whereas the mobile trading platform is useful for trading whilst on the go.
EagleFX Market Analysis
The EagleFX website contains some frequently updated market analysis articles covering a range of different markets. The analysis contains detailed technical and fundamental analysis with annotated screenshots for clear explanation of potential market movements.
EagleFX Account Funding
EagleFX have a good variety of convenient deposit and withdrawal methods for quick and easy account funding. This includes wire transfer, cards and bitcoin. EagleFX prides itself on being able to process withdrawals on the same day which ensures that clients can have rapid access to their funds.
EagleFX Customer Support
EagleFX have a 24/7 support team on hand to assist traders with all of their questions whether related to account opening or specific trading positions. The friendly support team can be contacted via telephone, email or online chat.
What leverage do EagleFX offer?
EagleFX offer leverage of up to 1:500. Do not over leverage your account as this can lead to a margin call / stop out. Trading will always carry an element of risk so you should make sure that you understand the risks involved and never trade more than you can afford to lose.
What regulation does EagleFX have?
EagleFX Ltd is registered in The Commonwealth of Dominica although they are not regulated by any authority. The services they provide are not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
EagleFX Account Opening
There is a short form on the EagleFX website to sign up for an account. It is a completely online process. In order to open a traditional forex trading account, it is essential that a trader submits sensitive personal information, known as a KYC verification procedure (Know Your Customer). However, Eagle FX, in particular, is for clients that value their privacy and do not wish to hand over their personal data, for whatever. There are only a handful of forex brokers that provide this option to avoid this obligation, due to the fact that Bitcoin and Crypto are a more democratized financial instrument. Once verified you can fund your account and begin trading.
EagleFX Review Summary
Overall, despite being relatively new to the industry, on the surface EagleFX looks like a broker providing very competitive trading conditions and a range of instruments across multiple asset classes. They have the very popular and flexible MT4 trading platform with leverage of up to 1:500 and a minimum deposit of just $10 required. There are demo accounts to trial the brokers services, market analysis materials and very useful 24/7 support compared to some broker who only offer 24/5 support. Regulation would be the main concern for most traders but aside from that, the service seems pretty solid.